Genco Shipping & Trading Limited (NYSE:GNK) Stake Increased by Price T Rowe Associates Inc. MD

Price T Rowe Associates Inc. MD grew its holdings in Genco Shipping & Trading Limited (NYSE:GNK) by 22.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,897 shares of the shipping company’s stock after purchasing an additional 3,064 shares during the period. Price T Rowe Associates Inc. MD’s holdings in Genco Shipping & Trading were worth $236,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of GNK. Teacher Retirement System of Texas purchased a new stake in shares of Genco Shipping & Trading in the fourth quarter valued at $3,692,000. Barclays PLC lifted its holdings in shares of Genco Shipping & Trading by 173.3% in the fourth quarter. Barclays PLC now owns 282,603 shares of the shipping company’s stock valued at $3,940,000 after purchasing an additional 179,216 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Genco Shipping & Trading by 155.0% in the third quarter. JPMorgan Chase & Co. now owns 285,091 shares of the shipping company’s stock valued at $5,559,000 after purchasing an additional 173,270 shares in the last quarter. Royce & Associates LP raised its holdings in shares of Genco Shipping & Trading by 23.9% during the fourth quarter. Royce & Associates LP now owns 597,860 shares of the shipping company’s stock worth $8,334,000 after acquiring an additional 115,173 shares in the last quarter. Finally, American Century Companies Inc. raised its holdings in shares of Genco Shipping & Trading by 8.9% during the fourth quarter. American Century Companies Inc. now owns 1,361,597 shares of the shipping company’s stock worth $18,981,000 after acquiring an additional 111,564 shares in the last quarter. Hedge funds and other institutional investors own 58.62% of the company’s stock.

Insiders Place Their Bets

In other news, CFO Peter George Allen sold 8,984 shares of Genco Shipping & Trading stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $13.96, for a total value of $125,416.64. Following the completion of the transaction, the chief financial officer now owns 45,251 shares in the company, valued at approximately $631,703.96. The trade was a 16.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Joseph Adamo sold 6,226 shares of Genco Shipping & Trading stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $13.96, for a total transaction of $86,914.96. Following the completion of the transaction, the chief accounting officer now owns 26,829 shares of the company’s stock, valued at $374,532.84. This trade represents a 18.84% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 28,812 shares of company stock worth $402,216 over the last quarter. Company insiders own 2.37% of the company’s stock.

Genco Shipping & Trading Stock Down 0.2%

GNK stock opened at $14.20 on Friday. Genco Shipping & Trading Limited has a twelve month low of $11.20 and a twelve month high of $23.39. The company has a market cap of $609.80 million, a PE ratio of 8.11, a price-to-earnings-growth ratio of 5.64 and a beta of 1.17. The business’s 50-day simple moving average is $13.18 and its 200 day simple moving average is $14.37. The company has a quick ratio of 2.49, a current ratio of 3.09 and a debt-to-equity ratio of 0.08.

Genco Shipping & Trading (NYSE:GNK) last released its earnings results on Wednesday, May 7th. The shipping company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.02). Genco Shipping & Trading had a return on equity of 7.82% and a net margin of 18.06%. The firm had revenue of $41.64 million for the quarter, compared to analyst estimates of $43.49 million. During the same period last year, the business earned $0.49 earnings per share. The firm’s quarterly revenue was down 39.3% compared to the same quarter last year. On average, research analysts anticipate that Genco Shipping & Trading Limited will post 0.48 earnings per share for the current year.

Genco Shipping & Trading Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 18th. Shareholders of record on Tuesday, March 11th were paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 8.45%. The ex-dividend date was Tuesday, March 11th. Genco Shipping & Trading’s dividend payout ratio is 57.69%.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Dnb Nor Markets raised shares of Genco Shipping & Trading to a “strong-buy” rating in a research report on Thursday, May 1st. Jefferies Financial Group reaffirmed a “buy” rating and issued a $17.00 price target on shares of Genco Shipping & Trading in a research report on Thursday, May 8th. Pareto Securities raised Genco Shipping & Trading to a “strong-buy” rating in a research report on Monday, March 31st. Finally, StockNews.com downgraded Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research report on Friday, May 9th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, three have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $20.75.

Genco Shipping & Trading Company Profile

Genco Shipping & Trading Ltd. is an international ship owning company, which engages in the transportation of iron ore, coal, grain, bauxite, steel products, and other drybulk cargoes. It operates through the Major Bulk and Minor Bulk segments. The Major Bulk segment focuses on Capesize vessels. The Minor Bulk segment consists of Ultramax and Supramax vessels.